The real question is, "What is the value of comparable properties in the area?"
If the value of comps are in the $26,000 range, then you should pay $1,000 because the appraisal price is unrealistic and $1,000 is what the net value of the house is worth today.
On the other hand, if the value of comps are in the $50,000 to $60,000 range, then the appraiser had a great eye for spotting the existing damage and priced the house accordingly. If the comps are $51,000 or more, then $26,000 is a fair market value of the property.
For a longer discussion of valuing houses, see the Bills.com resource House Value.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Loading more commentsSince you don't have facebook, please provide us with your location and a valid email address so we can answer it. Without a valid email address,we can't reply. (Go back to login with Facebook)
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
We get a lot of comments! To help us show our boss that this is a valuable service, so we can keep providing it, we ask you to do 2 things before commmenting:
Log in
Like us
Submit your comment!
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
Thank you for your comment. Your comment will be posted shortly.
No Comments